Businesses in favour of Brexit transition period

Almost half (46%) of companies believe a transition period of 3 years for Brexit would be best for their business.

The British Chambers of Commerce (BCC) polled more than 2,400 businesses and found a further 22% of companies would like the transition process to exceed the 3-year period.

When asked about the key objectives for Brexit negotiations, just 34% of businesses said they would like to remain in the single market and customs union.

Furthermore, 28% said they would like a comprehensive free trade agreement and a customs agreement based on the government’s pre-election objectives.

Other findings:

13% want to remain in the customs union only

11% want access to single market only

2% said to leave without a trade deal with the European Union.

Dr Adam Marshall, director general at the BCC, said:

“By more than 3 to 1, businesses want a transition period on the way to a final agreement with the European Union (EU). This is critical to prevent firms facing the prospect of repeated, costly adjustments to new trading conditions.

“If companies have to change their business model once in 2019 [when the UK leaves the EU] and again several years thereafter, the competitiveness and investment potential of our firms will be undermined.

“Getting transition arrangements on the negotiations agenda as quickly as possible would give businesses – many of whom are considering big investment decisions now – the confidence to press ahead."